'When Prime Minister Modi met President Trump, they agreed to initiate a bilateral trade dialogue.' 'It makes sense to give these negotiations a chance.'
Prime Minister Narendra Modi and his Australian counterpart Anthony Albanese will hold extensive talks on Friday with a focus on boosting overall bilateral ties in areas of trade and investment, defence and critical minerals.
India's exports are becoming less vulnerable to changes in world demand and exchange rates, according to a publication titled 'Re-examining Narratives: A Collection of Essays', penned by chief economic advisor (CEA) V Anantha Nageswaran and his team. The publication pointed out that this conclusion has been drawn from the fact that there has been a decrease in the income elasticity of exports to 3.44 during 2009-2022, from 5.67 during 1991-2008, and in the inverse price elasticity of exports to 0.4 from 2.7. While a decline in elasticities is favourable in the presence of downside risks such as a decline in global demand and an appreciation of exchange rates, it may not be beneficial during boom periods.
The Union Cabinet on Wednesday approved the signing of a comprehensive economic cooperation agreement, a kind of a free trade pact, between India and Mauritius which is aimed at liberalising norms to boost two-way commerce
"It will be ensured that such agreements (free trade agreements) do not have a detrimental effect on domestic manufacturing in India," according to the National Manufacturing Policy (NMP), cleared by the Union Cabinet on October 25.
A 'framework agreement' as a precursor to a free trade arrangement will be signed when the prime minister is in Indonesia next week.
From the Sensex pack, Zomato jumped over 7 per cent. ICICI Bank, Mahindra & Mahindra, Tata Motors, Larsen & Toubro, Asian Paints, Titan, Kotak Mahindra Bank and State Bank of India were among the gainers. However, Bajaj Finserv, Bharti Airtel, Tech Mahindra and Reliance Industries were the laggards.
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 China threat continues to resonate in the strategic partnership between India and the USA, points out Rup Narayan Das.
During the talks, both sides failed to reach on a conclusion and has agreed to meet again in June.
Leveraging Indo-Asean trade talks means a stronger Look East policy.
In an article published in the Sunday Telegraph as she left for India for her first bilateral visit outside the UK, she said plans to promote the best of Britain during her three-day trade mission to New Delhi and Bengaluru.
'We can hope to see a lot of creation of jobs in the days to come.'
A healthy growth in India's services segments has helped the country's total exports and imports of goods and services to cross the $800 billion mark during the first half of 2023, despite a slowdown in global demand, think tank GTRI said in a report on Monday. According to the analysis of the Global Trade Research Initiative (GTRI), exports of goods and services rose by 1.5 per cent to $385.4 billion during January-June this year, as against $379.5 billion in January-June 2022. Imports, however, dipped by 5.9 per cent to $415.5 billion during the six months of this year, as against $441.7 billion in January-June 2022.
Stating the volume of trade between India and Finland is "not big enough", Finnish Minister for Foreign Trade Alexander Stubb today said it would increase only after signing of the much-talked about free trade agreement between India and European Union.
'Had Haji Pir and/or Skardu been taken, the message would have gone out not just to General Asim Munir and his cohort in the Pakistan army but to the Pakistani people that every terrorist incident in India would lead to substantial loss of territory in PoK.'
So far 15 rounds of negotiations have been held.
The government expects to conclude the agreement during the December 20-21 meet.
Indian firms feared they would lose business if US ratified the Trans-Pacific Partnership agreement with 11 other countries.
Large retailers are allegedly importing apparel made of Chinese fabric from Bangladesh at nil duty, under our free trade agreement with the latter country. However, the same agreement does not permit duty-free export from here.
ICT products make up a minuscule $ 407 million, out of the $ 35.54 billion of total inbound shipments from the US, as of now.
Chinese manufacturers are re-routing their products through the markets of other countries that India has Free Trade Agreements with.
Indian exporters shipping goods to Israel may face higher insurance premiums and shipping costs due to the Israel-Hamas conflict, according to experts. Israel witnessed a surprise and unprecedented multifront attack by air, land and sea by the Hamas militant group, which rules the Gaza Strip, in its southern parts on Saturday morning. The International trade experts said the conflict may reduce the profits of domestic exporters but will not impact trade volumes unless war escalates.
Exports had recovered in November to grow at 0.59 per cent from a 12 per cent contraction in October.
This approval was given after a meeting of the Trade and Economic Relations Committee in New Delhi, Media Advisor to the PM Sanjaya Baru.
India is expected to ramp up its purchase of crude oil from the United Arab Emirates (UAE) in the coming months following discussions between the two countries on the sidelines of the ongoing COP28 summit in Dubai, multiple sources in the know said. The UAE has historically been India's third-largest source of crude. It has suffered the largest drop in shipments since Indian refiners began to binge on Russian crude in 2022.
'It seems a wiser decision to pull out at the right moment than regret after joining the pact,' explains Dr Rahul Mishra.
Net foreign direct investment (FDI) in India, inflows minus outflows, declined 38.4 per cent year-on-year to $15.41 billion in the first 10 months of this financial year due to an increase in the repatriation of capital. According to the Reserve Bank of India's data in the March 2024 bulletin, FDI in India was $25.53 billion and outflows were $10.11 billion in April 2023-January 2024. In the same period last year, FDI inflows stood at $36.75 billion and outflows at $11.75 billion.
Global confidence in India has been restored, says Modi.
Rishi Sunak arrived in India for the first time after he took charge as the United Kingdom's prime minister on Friday, September 8, 2023.
The court upheld the guidelines and imposed Rs 1 lakh cost each on the petitioners to be deposited with the CCPA towards consumer welfare.
Taking India's Look East policy a step further, Prime Minister Manmohan Singh on Saturday announced visa-on-arrival facility for citizens of Cambodia, Vietnam, Philippines and Laos; and emphasised the need to speed up the finalisation of a free trade agreement in services and investment between India and South East Asian nations.
Existing trade deals, especially the 2009 pact with the Asean bloc, have been panned by the Centre for not boosting exports but flooding the domestic market with cheap imports. Subsequently, New Delhi has called for reviewing FTAs with Japan and South Korea. Going by that, a trade deal with the US is unlikely to be beneficial, say experts.
Malaysia and India are expected to sign a free trade agreement during Prime Minister Manmohan Singh's visit to that country later this year.
The US should build on the nuke deal with India by negotiating a full-fledged bilateral free trade agreement, says Senate Majority Leader Bill Frist.
The Association of Southeast Asian Nations is expected to sign a free trade agreement with India next week, Malaysian International Trade and Industry Minister Rafidah Aziz has said.
Sharma was speaking to journalists while returning with Prime Minister Manmohan Singh from Cambodia last night on special aircraft after attending the ASEAN and East Asia Summits.
