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.
The avoidable stresses and strains in ties helped in one way. It showed for the entire region how a matured India handled diplomatic relations, especially with a smaller and suspicious neighbour, with practised dignity and patience, unruffled by provocations in word, deed and action, observes N Sathiya Moorthy.
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.
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.
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.
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 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.
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.
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
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.
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 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.
External Affairs Minister S Jaishankar has raised India's long-standing concerns about pro-Khalistan extremism in the United Kingdom during his meetings with the country's leaders, stressing that they should be on guard against the misuse of freedom of expression and speech.
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.
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.
India is the UK's second-largest market by volumes for Scotch, importing the equivalent of 136 million bottles, worth £146.2 million, in 2021.
India and the 27-nation European Union are negotiating Broad based Trade and Investment Agreement since June 2007, but a breakthrough has not yet been achieved due to strong differences on several of the issues.
Bharathi Sihag, joint secretary at the ministry of commerce of India, told Abu Dhabi's National newspaper that the date had almost been set: "We will be meeting very soon, next month or October." The FTA between India and Gulf Cooperation Council has been delayed, ever since the first round held in March 2006, due to administrative reasons as the same set of officials are involved in talks with EU and Korea over similar trade pacts.
The joint working group on Indo-Thai free trade agreement will meet in May to iron out differences over the methodology on framing of rules of origin which led to the postponement of the implementation of the agreement.
Commerce Minister Kamal Nath on Tuesday began hectic parleys with his counterparts from Singapore, Malaysia and Vietnam to narrow down differences on finalising the much-awaited Asean-India Free Trade Agreement. However, the Indonesian Trade Minister Mari Pangestu said that the 10-member Asean had put the trade talks "on hold" until India came up with a more progressive way forward.
The Indo-Thai free trade agreement is likely to be signed by September. The agreement will initially cover goods and include services and investment at a later stage.
India is vigorously pursuing for a free trade agreement with Gulf countries, Finance Minister P Chidambaram said on Monday.
The All India Kisan Sabha has expressed its displeasure on the signing of a Free Trade Agreement with the ASEAN nations. In a statement issued by the farmer's body they have criticised the centre for signing the FTA despite serious misgivings of state governments, peasant organisations and experts.Sectors like plantations, fisheries, textiles and light manufacturing goods will be seriously affected by this deal.
'While every year presents new challenges, it also provides opportunities for better growth and performance.'
According to Indian officials, both the sides have had "fruitful consultations" regarding elimination of tariffs on 90-95 per cent of goods, but the EU's insistence on including non-trade issues, such as child labour, labour laws and climate change, in the trade pact are coming in the way of concluding an agreement.
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