India is a market for low-priced cars with low running costs. The global majors don't have models that fit the bill; only Maruti and Hyundai have successful entry-level models, observes T N Ninan.
The negotiations with Bangladesh for a free trade agreement will begin before October this year, External Affairs Minister Yashwant Sinha informed the Rajya Sabha on Thursday.
India is giving priority to boost trade with European Union and foresees no difficulty in signing a free trade and investment agreement with EU, notwithstanding wide differences between the two sides in the WTO over the Doha Round of trade talks. India and EU are negotiating a free trade and investment agreement aimed at phasing out and eliminating import duties on a large number of trade items.
Steps such as safeguard duty in the works to plug the route
After staging a strong recovery from COVID-induced slowdown in 2021, India's exports are likely to extend the growth story to the New Year also on increased demand in the global markets, boost in domestic manufacturing due to production-linked incentive schemes and implementation of some interim trade pacts. Expectations of positive growth in the country's exports are also backed up by the outlook of the World Trade Organisation (WTO) which predicts a 4.7 per cent expansion in the global merchandise trade volume in 2022. Exporters believe that the outbound shipments would cross $400 billion mark in this fiscal going by the current momentum and may reach $475 billion in 2022-23.
India will not be signing the ambitious Free Trade Agreement with the 10-nation economic bloc, Association of Southeast Asian Nations, at the 4th East Asia summit to be held in Thailand on April 11 and 12. Commerce Minister Kamal Nath will be attending the summit, where the seventh India-Asean meeting is also scheduled at the same venue.
Commerce Minister Kamal Nath will attend an informal ASEAN Economic Ministers-India Consultation in Kuala Lumpur
The EU should eliminate tariffs on 95 per cent of the goods under the Free Trade Agreement instead of the 90 per cent being targeted by the India-EU High Level Trade Group, the industry body said.
According to the industry body, the 16-member RCEP has the potential to become one of the largest and economically dynamic trading blocs of the world, even bigger than the European Union.
External Affairs Minister S Jaishankar left London at the end of a four-day visit to the United Kingdom on Friday with a message of convergence as the two countries agreed on an ambitious '2030 Roadmap' towards a Free Trade Agreement (FTA).
Prime Minister Manmohan Singh, during his visit to the 13th Asean summit held at Singapore in November 2007, had indicated that India would take a flexible stand in the FTA talks.
Singapore on Wednesday said it was hopeful that a Free Trade Agreement with India would be signed by the middle of this year.
With a view to boost trade with Latin American countries and enhance South-South cooperation, India has proposed to sign Framework Trade Agreement with three trade blocks in the region including SICA, Caricom and ACS.
"We hope to reach a solution by July 2007," the minister said after the ASEAN-India economic minister's meeting held in Cebu, Philippines.
India has been forcefully raising the issue of market access as well as protected lists of goods mainly to shield its domestic market as there have been fears that the country may be flooded with cheap Chinese agricultural and industrial products once it signs the deal.
The bill will now go to the House of Lords on Monday for voting before royal assent from Queen Elizabeth II to become law.
Piyush Goyal, who held the post of finance minister when Arun Jaitley was undergoing treatment, told the Confederation of Indian Industry's annual session: "All stakeholders, including the RBI, should introspect on their respective roles (on low economic growth)."
Adani Enterprises recently also inked a pact to buy out Linc Energy's royalty rights from the Carmichael coal project for AUD155 million.
A total of 25 new pay channels have hit the Indian TV screens since December 26, 2003, according to figures released by the broadcast regulator, Telecom Regulatory Authority of India.
Signing of the two pacts -- FTA in services and investments -- were scheduled during the India-ASEAN Economic Ministers meeting in Myanmar last week. But the meeting was postponed as Commerce and Industry Minister Nirmala Sitharaman was not able to attend the meet due to domestic compulsions.
The tyre industry has urged the Central Government for recast of India's Free Trade Agreements
Aiming to give fillip to India's Look East policy, Prime Minister Manmohan Singh is expected to announce new initiatives to take forward ties with the ASEAN by setting up a mission and appointing an ambassador for the 10-member grouping.
Prime Minister Manmohan Singh will leave for Germany on Wednesday on a three-day visit during which he will hold comprehensive talks with German Chancellor Angela Merkel on key bilateral, international and regional issues including India-EU FTA, Afghanistan and counter-terrorism.
India's ties with Thailand will get a further boost with Prime Minister Manmohan Singh's visit in Bangkok next week, but the long awaited FTA will not be signed during the trip aimed at elevating bilateral relations into a 'strategic partnership'.
'India has not integrated into any major trade agreement'.
India has demanded resumption of export benefits to certain domestic products under GSP, and greater market access for its products from sectors like agriculture, automobile, auto components and engineering. On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, data localisation, and import duties cut on some ICT products.
Leveraging Indo-Asean trade talks means a stronger Look East policy.
Once customs duties are slashed, your dream to own a luxury car may become a reality.
Move after spurt in shipments from the south-east Asian country Thai govt response awaited.
Marking a key milestone in the Indian government's fight against black money allegedly stashed abroad, India will get this month the complete information on flats, apartments and condominiums owned by Indians in Switzerland as also on earnings made from such properties to help it look into tax liabilities associated with those assets.
The FIEO on Thursday reiterated that the Customs authorities at several ports in India had ordered a sudden examination of Chinese consignments without any official word from the government, and this may have led to the Chinese retribution.
Protectionist and exclusionary FTAs weaken multilateralism.
While 100 per cent FDI is allowed in single-brand retail, if the foreign investment exceeds 51 per cent, the 30 per cent mandatory local sourcing norm kicks in.
Trump had said a comprehensive trade agreement with India would take much longer to finalise than earlier expected.
