More capital flows will lead to greater trade flows between the two countries.
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.
'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'
He urged China to bolster the flow of its tourists to the Maldives.
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.
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.
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.
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 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".
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.
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.
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.
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.
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.
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
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.
Leterme contended that there is a need for the United Nations Security Council to adapt to the realities of the 21st century as it requires representation that goes beyond the structures established in the 20th century.
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 talks for a free trade agreement (FTA) between India and Canada may have taken a pause but will resume once the political row between the two countries is resolved as the pact has economic benefits for both the nations, trade experts and exporters said on Friday. However, they said that India may not hurry for the trade agreement as 60 per cent of New Delhi's exports are already entering Canada at zero duty. Earlier this month, India and Canada paused the negotiations for the agreement due to political reasons.
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.
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.
The Central Board of Indirect Taxes and Customs (CBIC) has stepped up its watch on the import of unbranded gold jewellery amid a spurt in seizures on international borders and from importers. During FY24, the CBIC and Directorate of Revenue Intelligence (DRI) jointly seized about 5 tonnes of gold, 30 per cent more than what they did in FY23. In FY23, 3.5 tonnes of gold was confiscated.
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.
Despite the "shocks and jolts" in the past, Australia and India are in a better position to finalise a free trade agreement (FTA) that would further expand bilateral relations, according to a Melbourne-based think tank.
In a move which could pave the way for a Free Trade Agreement between India and the Gulf Cooperation Council, both the partners have concluded negotiations for a Framework Agreement expected to be inked soon.
Close on the heels of the Indian team's visit to Thailand for discussions on bilateral free trade agreement, FICCI president Y K Modi met Thailand Prime Minister Thaksin Shinawatra in Bangkok to promote business ties between the two countries.
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