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.
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.
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.
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 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.
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.
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.
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.
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 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.
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.
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.
India has decided to put the process of bringing down duties on edible oil on the fast track to reach an early agreement with Asean for a Free Trade Agreement.
India is the only country which has a negative list incorporated in a trade pact with Asean.
Recalibration is required as some items of interest to Britain may have to be removed
Despite all official assurances, the path towards a free trade agreement (FTA) between India and the European Union (EU) this year remains ambiguous, as both sides are unwilling to relax their stand on the biggest stumbling block - the issue of "data exclusivity".
With the pressure on for the European Union (EU) and India to come up with a significant announcement at the upcoming EU-India summit on December 10, a flurry of activity surrounding the ongoing negotiations for a bilateral free trade agreement (FTA) is giving momentum to the process.
Bilateral trade was close to $4.2 billion last year, said Canadian Minister of International Trade Peter Van Loan. "Both the Governments have set a target of increasing the mutual bilateral merchandise trade to USD 15 billion in the next five years.
The proposed India-European Union free trade agreement (FTA), which seeks to liberalise trade in goods and services, could be materialised by this year, EU Ambassador to India Joao Cravinho has said.
The US is open to a Free Trade Agreement with India but wants bilateral economic engagement to increase further, a senior US government official said.
Australia and India are all set to hold the first preliminary round of Free Trade Agreement (FTA) negotiations in India by the end of this month, according to Australian High Commissioner to India Peter Varghese.
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.
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.
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.
Negotiations for a trade deal between India and the UK have run into fresh controversy, after the proposals under a leaked chapter of the deal on intellectual property (IP) are believed to put access to affordable, lifesaving generic medicines from India at risk. According to the draft IP chapter put out by an international trade portal bilaterals.org, the UK is seeking continuous extension of patent period and rights through small tweaks in the drug, known as evergreening. This may prevent patents from expiring, impacting cheaper drug availability and its production by Indian generic drug manufacturers.
India made it clear on Thursday that it will insist on a sizeable negative list of items in the Free Trade Agreement with ASEAN and there will be no compromise on the number of agricultural and textile items in which duty free imports will be banned.
The details that have been shared include identification, account and financial information, including name, address, country of residence and tax identification number, as well as information concerning the reporting financial institution, account balance and capital income.
A readout of the meeting reportedly said Lord Johnson "made clear that he was keen to see a bigger Infosys presence in the UK and would be happy to do what he could to facilitate that".
In July alone, 2.5 tonnes of gold coins were imported so far from South Korea under zero-duty facility
'We crossed Rs 1.7 trillion in three months this financial year.'
Countries negotiating free trade agreements (FTAs) need to keep in mind eight "myths" which surround these pacts, like they lead to accelerated increase in exports and promote domestic manufacturing, according to a report by think-tank GTRI. The report by Global Trade Research Initiative (GTRI) claims to dispel these 'myths', including that FTAs weaken the WTO (World Trade Organisation), countries are rushing to do FTAs, and these pacts promote investment and lower prices. It is "erroneously" believed that most world trade happens through the FTA route, but in reality, it is less than 20 per cent, said the report titled 'FTAs: Fabulous, Futile, or Flawed?'.
'While every year presents new challenges, it also provides opportunities for better growth and performance.'
