India on Monday announced closure of negotiations for a free trade agreement signed with New Zealand, its 18th deal so far as the country aims to boost bilateral trade and investments. The India-New Zealand FTA is expected to be signed in the next three months and it is likely to come into force next year.
India and the European Union are set to announce on January 27 the conclusion of negotiations and finalisation of a free trade agreement, which is aimed at boosting economic ties between the two regions amid disruptions in global trade due to US tariffs, an official said.
India finalised a free trade agreement with the UK, its 16th so far as the country aimed at boosting bilateral trade and investments. The other regions and countries with which India has signed such agreements include the four-nation European bloc EFTA, Japan, Korea and Australia.
'There is a lot of euphoria in the country after a trade agreement is signed. But it is an illusion for us. What is more important is making it real.'
According to a source on the Indian side, New Delhi and Brussels have agreed to eliminate tariffs on 90 percent of all tradable goods. But, India wants the EU to up their offer to include 95 percent of goods, while the EU wants India to offer a slash in tariffs on 98 percent of goods.
India will lower duty on European apples to 20 per cent under the trade pact, but the imports would be capped at 50,000 tonnes per year and subject to a minimum import price of Rs 80 per kg, thereby fully protecting domestic farmers, an official said on Wednesday.
'We have got Brexit done and we can now take full advantage of the fantastic opportunities available to us as an independent trading nation, striking trade deals with other partners around the world,' Downing Street said in a statement.
Textiles, pharmaceuticals, chemicals, engineering goods, gems and jewellery exports will receive a boost from the free trade agreement between India and the 27-nation European Union, according to exporters.
Prime Minister Narendra Modi has called for a swift end to the conflicts in West Asia and Ukraine, emphasising the importance of dialogue and diplomacy. He made the remarks after talks with Finnish President Alexander Stubb, where they also agreed to a strategic partnership in digitalisation and sustainability.
From the 30-Sensex firms, Bharat Electronics surged nearly 9 per cent post its December quarter earnings. Eternal, Bajaj Finance, Power Grid, Trent, Mahindra & Mahindra and UltraTech Cement were the other major gainers. Maruti, Sun Pharma, Infosys and Bharti Airtel were among the other laggards.
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.
In the wake of the FTA between India and the European Union, the United States has described the Europeans as 'very disappointing', saying they were unwilling to join Washington, DC in putting tariffs on New Delhi for its purchases of Russian oil because of this trade deal.
Prime Minister Narendra Modi on Tuesday announced the signing of the India-EU Free Trade Agreement (FTA), saying it accounts for 25 per cent of global GDP and one-third of global trade.
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.
European wines are set to enter the Indian market at lower prices under the bilateral free trade agreement as India will provide import duty concessions under the pact, an official said. Under the pact, the duty on EU wines would fall from 150 per cent to 20 per cent (for expensive ones).
Over the years, India-EU ties have grown, and covered trade, investment, climate change, science and technology, space, digital, mobility, and connectivity.
Import duty cuts on labour-intensive sectors such as textiles and footwear, as well as cars, and wines, are likely to be part of the free trade agreement between India and the 27-nation bloc European Union (EU), the conclusion of which is set to be announced on January 27 here, sources said.
US Treasury Secretary Scott Bessent's remarks come ahead of a high-level summit where India and the European Union are expected to formally announce the conclusion of negotiations on a comprehensive free trade agreement.
The European Union (EU) has suspended export benefits to sectors such as textiles and plastics under a preferential scheme for India and two other countries from January 1, a move that will impact the country's shipment to the 27-nation bloc. The development is important as the two sides are likely to announce the closure of negotiations for a free tarde agreement (FTA) on January 27.
India and the European Union (EU) on Tuesday announced the conclusion and finalisation of negotiations for the proposed free trade agreement (FTA).
Several farmer organisations in India are protesting the proposed India-US trade deal, expressing concerns about its impact on the agriculture sector and demanding the resignation of the Commerce Minister.
Guterres emphasised that global structures and institutions must reflect the complexity and the opportunity of the "new times and realities"
India has implemented a number of free trade agreements with developed nations and is in active dialogue for such pacts with nations including the US, Oman, and the EU, Commerce and Industry Minister Piyush Goyal said. India has implemented trade pacts with Australia, the UAE and EFTA bloc. It has also signed an agreement with the UK.
Both India and the EU are likely to announce a conclusion of trade talks on January 27.
Days ahead of India-EU annual summit, Commerce and Industry Minister Anand Sharma on Wednesday said a few ends are yet to be stitched for concluding the proposed Free Trade Agreement (FTA) between the two sides.
India has fully protected its sensitive sectors like dairy, rice, wheat, pulses, tea, genetically modified (GM) goods, and coffee by not granting any import duty concessions to the European Union (EU) under the bilateral free trade agreement, according to the Commerce Ministry.
In a veiled attack on US President Donald Trump, Canada's Minister of Energy and Natural Resources Tim Hodgson on Tuesday said India's free trade agreement with the European Union is a "perfect" answer to global hegemons that use tariffs and economic integration as tools of coercion.
'Even if tariffs are reduced, non-tariff may still remain a challenge.'
The Congress attacked the Modi government, saying it now seems to be routine that India learns about its government's actions only from Trump or his appointees.
The India-EU free trade deal could help Indian-made cars enter Europe at lower costs and challenge Chinese dominance.
The proposed trade deal with the 27-nation European Union (EU) is expected to provide zero-duty access to the $95 billion European market for Indian textile and apparel manufacturers. Currently, India's share of the European market is just 6 per cent, or $5.5 billion.
The European Union's (EU's) offer to slash tariffs on 97.5 per cent of Indian chemical exports to zero is set to give India's pharmaceutical and medical device firms preferential access to the European markets.
Commerce and Industry Minister Piyush Goyal on Tuesday said India and the 27-nation EU bloc are "really very near" to concluding talks for the proposed free trade agreement, with only a few issues left to be resolved.
Tough intellectual property rights sought by the EU in its free trade agreement with India have set off global protests
Prime Minister Narendra Modi convened a roundtable with AI startup CEOs and held bilateral meetings with global leaders at the India AI Impact Summit, focusing on AI's potential across sectors and international cooperation.
Equity benchmark indices Sensex and Nifty ended higher in highly volatile trade on Tuesday, buoyed by heavy buying in bank and metal stocks, a firm trend in global markets and optimism over India-EU FTA. The 30-share BSE Sensex climbed 319.78 points, or 0.39 per cent, to settle at 81,857.48.
India and France have elevated their relationship to a 'special global strategic partnership,' with increased cooperation in defense, trade, and technology. The leaders also inaugurated a helicopter assembly line in Karnataka.
India may adopt a "calibrated" and a "step-by-step" approach to easing norms on investments originating from China, Union Commerce and Industry Minister Piyush Goyal said on Tuesday. He was in a conversation with A K Bhattacharya on Day 1 of Business Standard's two-day annual event, Manthan 2026. The minister said foreign direct investment (FDI) from China was certainly not "banned", but it goes through an approval process. "The government's approach at the moment is to accelerate the approval process."
Exporters of gems and jewellery have said the free-trade agreement (FTA) has brought relief to their sector because this opens up the world's second-largest market and brings them on a par with China and Thailand, which face zero tariffs on shipments to Europe.
'I don't think we should ever negotiate with deadlines or hard stops because we tend to make mistakes then.'
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