Barring a few exceptions India has a chronic trade deficit with most of its existing FTA partners as it is with most of its proposed FTA partners.
Industry body Assocham on Monday said country's top CEOs are in favour of signing a specialised free trade agreement with the European Union in services.
India on Thursday ruled out a Free Trade Agreement with China, until 'domestic distortions' like high taxes and poor infrastructure are corrected.
Negotiations for the proposed free trade agreement (FTA) covering goods, services and investments between India and Thailand, which were supposed to conclude by this month-end, are likely to go on till October.
In a move that could improve the weakening sentiment in the Indian textile industry, the government is set to sign a free trade agreement (FTA) with the European Union (EU) by the end of the current calendar year.
European Union is not contemplating signing free trade agreement with India in the near future and will focus on completion of contentious World Trade Organisation negotiations including agriculture and Singapore issues
United States on Tuesday said it was against entering in to a limited Free Trade Agreement with India and any bilateral FTA will have to be comprehensive.
More capital flows will lead to greater trade flows between the two countries.
Ahead of Chinese President Hu Jintao's visit, Beijing is vigorously pushing New Delhi to sign a bilateral free trade agreement and grant 'market economy' status to the Communist trading giant.
A joint economic group comprising commerce ministers of India and China is scheduled to meet in the first week of April to discuss the proposed India-China Free Trade Agreement (FTA), a commerce ministry official said today.
As of now, pursuing an FTA with China is not a priority, he said, adding that "no final decision will be taken on a free trade agreement with China without consultation with all stakeholders including industry". India and China have set up a joint study group to ascertain the feasibility of an FTA. While negotiations are underway, industry bodies like Ficci and Assocham have asked the government to adopt a cautious approach before signing the agreement.
The formalisation of Asean-India Free Trade Agreement (AIFTA) covering the goods sector marks an important step towards India's deepening trade links with its partners in the Asian region.
India and Australia would now implement the free trade agreement on a mutually agreed date as the Australian Parliament on Tuesday approved the pact between the two countries. "BREAKING: Our Free Trade Agreement with India has passed through parliament," Australian Prime Minister Anthony Albanese said in a tweet. The India-Australia Economic Cooperation and Trade Agreement (AI-ECTA) needed ratification by the Australian parliament before its implementation.
Officials from India and the United Kingdom (UK) are working overtime to address the contentious issues related to the proposed free trade agreement (FTA) between the two nations, in a final push to conclude the deal by the year-end. Commerce secretary Sunil Barthwal was headed to London on Thursday after completing his four-day visit to Brazil. Other key officials from India's negotiating team will be joining Barthwal in the UK capital, hoping to make headway in the FTA negotiations, which started in January last year, a person aware of the matter told Business Standard.
Under the FTA in the Services sector, India wants the EU to ensure free mobility of professionals without restrictions such as experience whereas the EU wants greater commitment by India to allow foreign investment in services such as retail, legal and postal.
This accord marks the success of India's Look East Policy and is the first with a trading bloc.
This accord marks the success of India's Look East Policy and is the first with a trading bloc.
The commerce ministry has endorsed India Inc's stand against signing a free trade agreement (FTA) with China until it becomes a market economy that follows transparent pricing of manufactured goods and services.
He urged China to bolster the flow of its tourists to the Maldives.
India may have to abide by a series of international standards and regulatory practices in the healthcare sector, if it agrees to some proposals that are part of the ongoing India-EU Free Trade Agreement (FTA) negotiations.
The two sides are engaged in negotiations to expand the ambit of FTA in goods to include trade in services and investments.
'What my Labour government will seek with India is a relationship based on our shared values of democracy and aspiration. That will seek a free trade agreement (FTA), we share that ambition, but also a new strategic partnership for global security, climate security, economic security'
The Centre said on Wednesday it had made a good offer for the proposed Free Trade Agreement with the Association of South East Asian Nation and is awaiting ASEAN's reactions to it.
The India-Asean free trade agreement (FTA) in merchandise goods has failed to realise its full potential, even as the deal was implemented in January 2010 to facilitate greater trade in the region. As a result, reduction of duties on several products might get delayed.
Thailand, Indonesia want unconditional access to India's multi-brand retail space.
In a major leap in bilateral economic relations, India and Thailand on Friday finalised modalities for implementing the first phase of the Free Trade Agreement between the two countries from September this year under which they will start tariff redu
A day after lambasting e-commerce players for predatory pricing, Union Commerce Minister Piyush Goyal on Thursday said he is not against online platforms but India wants such entities to be "fair and honest" in their conduct. Speaking with reporters in the financial capital, the outspoken Union minister said the rule of the law should be followed in letter and spirit, and made it clear that consumer preferences should not be influenced by algorithms.
Government officials said the Asean FTA, as well as a similar pact with South Korea involving free trade of goods, services and investment, could be signed on the sidelines of the summit of Asean nations, scheduled in October this year. The India-South Korea Comprehensive Economic Partnership Agreement is also ready for signing, sources added.
The hope that the ongoing 13th round of negotiations towards an India-UK free trade agreement (FTA) could conclude with a deal for British Prime Minister Rishi Sunak to sign off in time for the India versus England World Cup cricket clash in Lucknow on October 29 seem to be fading, according to a UK media report on Wednesday. The Financial Times quoted officials briefed on the negotiations to say that a lack of movement towards opening up of the Indian market to British professional services in the field of law and accountancy is among the factors for the slowdown. So much so that cricket fan Sunak's proposed return visit to India after an inaugural visit as UK Prime Minister to New Delhi for the G20 Summit last month is looking "very, very unlikely to happen".
The UK government said on Tuesday that it has kicked off preparations for a free trade agreement (FTA) with India, launching a 14-week consultation to seek the views of the public and business before formal negotiations begin later this year. UK Trade Secretary Liz Truss said Britain wants a trade deal with India that pushes new frontiers and welcomes wide input from consumers and businesses across all sectors, which will help craft a deal that includes closer cooperation in "future-focused industries" such as science, technology and services, creating high-value jobs across the country. "We're firing the starting gun on a free trade deal with India - the world's largest democracy, fifth-biggest economy, a nation of 1.4 billion people and a huge market for British goods like whisky, cars and services," said Truss.
Bangladesh will not sign the free trade agreement with India unless the country removes non-tariff and para-tariff barriers, Commerce Minister Amir Khosru Mahmud Chowdhry has said.
The proposed India-Thailand free trade agreement (FTA) will have to wait for some more time to become operational, as there has been no headway in negotiations on the India-Asean treaty on free trading of goods.
The government is expediting visa-related issues to bring technicians to India from any country, not just China, as and when required, to ensure the smooth implementation of the flagship production-linked incentive (PLI) scheme aimed at boosting domestic manufacturing. "If those under the PLI scheme need to get their equipment installed, we try to expedite the ability to get technicians into India from any country, whichever it may be," Union Commerce and Industry Minister Piyush Goyal told Business Standard in an interview.
The talks are being held in Brussels between high-level delegations from India and EU, led by Commerce Secretary G K Pillai and Director General of European Commission Davis O'Sullivan.
It is imperative to have a level-playing field between businesses of India and China before initiating negotiations towards a possible bilateral trade agreement, FICCI said.
India's merchandise exports dipped marginally in March to $41.69 billion, and by 3.11 per cent during the last fiscal year to $437.06 billion mainly due to continued geopolitical turmoil, and depressed global trade. Imports, too, declined in March as well during the entire 2023-24. Trade deficit, or the gap between imports and exports, narrowed 17.74 per cent in March to $15.6 billion and came down 9.33 per cent to $240.17 billion in FY24.
Government feels that early conclusion of Idnia-EU trade pact will open up new economic opportunities.
India and the Gulf Cooperation Council are working to finalise the Free Trade Agreement by this year-end, which will give further fillip to bilateral trade ties.
The government expects to conclude the agreement during the December 20-21 meet.
