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.
Buoyed by the success of signing the SAFTA agreement, India on Thursday committed to participate in free trade agreement with other nations in the region and asked the Indian auto industry to play a pivotal role and seize the global opportunity.
India and the European Union are set to announce on January 27 the conclusion of negotiations and finalisation of a free trade agreement, which is aimed at boosting economic ties between the two regions amid disruptions in global trade due to US tariffs, an official said.
Among the current FTAs with significant trade deficits for India, five are with countries from the 10-nation Asean bloc. Exports to the 10 economies stood at $ 37.4 billion in 2018-19, up by 9% year on year. On the other hand, imports were higher at $ 59.31 billion, up by 25% from the previous year's $ 47.13 billion.
The Directorate of Revenue Intelligence (DRI) has dismantled a large-scale network involved in fraudulently importing South-East Asian areca nuts into India. The syndicate falsely declared the nuts as Bangladeshi origin to evade customs duty, leading to a potential revenue loss of over Rs 2,500 crore. Nine individuals have been arrested in connection with the scam.
The Indian government has imposed import restrictions on all forms of gold, silver, and platinum articles to prevent misuse of free trade agreements (FTAs). The restrictions apply immediately, regardless of prior contracts or commitments.
From the 30-Sensex firms, Bharat Electronics surged nearly 9 per cent post its December quarter earnings. Eternal, Bajaj Finance, Power Grid, Trent, Mahindra & Mahindra and UltraTech Cement were the other major gainers. Maruti, Sun Pharma, Infosys and Bharti Airtel were among the other laggards.
India is considering making concessions on the five-year standstill period for duty cuts on crude and refined palm oil
Equity benchmark indices Sensex and Nifty ended higher in highly volatile trade on Tuesday, buoyed by heavy buying in bank and metal stocks, a firm trend in global markets and optimism over India-EU FTA. The 30-share BSE Sensex climbed 319.78 points, or 0.39 per cent, to settle at 81,857.48.
Sourabh Chandrakar, the absconding founder of the Mahadev betting app, has been detained in Oman based on an Interpol Red Notice. Indian agencies are now working to extradite or deport him. The ED's investigation into the syndicate has revealed alleged proceeds of crime worth Rs 6,000 crore and links to high-ranking politicians and bureaucrats.
'So far our production is not affected. But every day the situation prolongs, it does bring risks in terms of shipments getting delayed.'
Customs regimes can lead to labyrinthine legal disputes. Budget 2026 must recognise that an excessively defensive Customs posture can itself become a trade barrier, point out Mukesh Butani and Shankey Agrawal.
Prime Minister Narendra Modi addressed the Indonesian parliament, emphasising India's commitment to development over expansionism and advocating for a free, open, and inclusive Indo-Pacific. He highlighted the strong historical ties between India and Indonesia, calling for enhanced cooperation in various sectors, including defence, technology, and counter-terrorism, amidst growing concerns over regional security.
Industry body Assocham estimates that trade between India and Pakistan can touch the $10 billion mark by 2010 from $345 million in 2003-04, provided the execution of South Asian Free Trade Agreement is not thwarted and the trade basket is diversified
The implementation of South Asian Free Trade Agreement is expected to enhance trade in the region to $14 billion from $6 billion in the next two years.
Prime Minister Narendra Modi and Indonesian President Prabowo Subianto have significantly advanced the India-Indonesia Comprehensive Strategic Partnership, securing crucial agreements on defence, critical minerals, and maritime security, including BrahMos missile supply and Sabang port development.
It seems odd to criticise a country for delivering growth rates in standards of living and consumption that have been perhaps the fastest, longest, and most broad-based (affecting hundreds of millions of people) in history, points out Arvind Subramanian.
From the 30-share Sensex firms, Tata Motors, Bajaj Finance, Eternal, Adani Ports, Tata Steel, Titan, Mahindra & Mahindra and Power Grid were among the gainers. Asian Paints, Sun Pharma, ITC, Nestle, Reliance Industries and HCL Tech were among the laggards.
The 20-point Addu Declaration clearly indicates the role India plays in shaping SAARC's agenda. Prasanna D Zore reports.
The proposed South Asia Free Trade Agreement, which will come into effect according to the timetable set out at the SAARC summit in Islamabad, will greatly benefit the region, diplomats from the member countries said in Washington.
Stock markets declined for the second day in a row on Friday, with the Sensex tumbling 721 points due to heavy selling in financial, IT and oil & gas shares amid persistent foreign fund outflows.
Pakistan plans to import 100 more items from India from the next fiscal.
From the Sensex firms, Trent, Tech Mahindra, Bajaj Finserv, Reliance Industries, Infosys, Kotak Mahindra Bank, HCL Technologies, and NTPC were among the biggest laggards. However, Eternal, Tata Motors, Sun Pharma, Tata Steel, and Titan were the gainers.
The pact on trade in goods under the Comprehensive Economic Cooperation Agreement was signed by Indian commerce and industry minister Anand Sharma and ASEAN economic ministers after more than six years of intense negotiations.
In a phased and planned manner the countries will go for Free Trade Areas, a Customs Union, a Common Market, and a Common Economic and Monetary Union.
With the Saarc countries looking resolved to create a South Asian Free Trade Area by 2006, Indian tea industry, hit hard by depressed global prices, has never been closer to bagging the big Pakistani market.
Domestic exporters on Monday expressed concerns over the crisis in Bangladesh and said the developments in the neighbouring country would have implications on bilateral trade. However, exporters expect that the situation may normalise soon. According to exporters, they are already facing disruptions in exports to Bangladesh due to a shortage of foreign exchange in that country.
As India goes into firming up trade deals with developed nations like Australia, the United Kingdom (UK) and the regional bloc, and the European Union (EU), it will have to be well prepared to negotiate on new-generation issues, such as data protection regulation, e-commerce, and environment. India is yet to negotiate pacts with its trading partners on these evolving issues since discussions between them have until now been largely focused on tariff and non-tariff barriers and the rules of origin. "We can no longer look at trade just as trade. We have to look at it in totality of global and regional conditions.
The existing SAARC Development Fund could be merged into the bank.
Rubio voiced "appreciation" for New Delhi's continued engagement on bilateral issues, including trade, defence and energy.
US lawmakers have expressed concerns that policies enacted by the Trump administration, such as the H1B visa fee and tariffs on India, are detrimental to American businesses and threaten the relationship between the United States and India.
The agreement that provides for both India and ASEAN reducing tariff on agreed goods has come into force with all but Cambodia and Philippines.
Countries in South Asia on Tuesday agreed to work on further opening up markets for the members of the South Asian Association for Regional Cooperation, as a measure to deal with the global downturn.
Moody's Investors Service on Thursday said India is likely continue to face challenges in raising longer-term growth potential and creating enough jobs for its young population in the absence of higher trade openness. In its report on South Asia sovereigns, Moody's said compared with other South Asian economies, India appears to be in a better position to deepen its integration in global value chains, attract FDI and increase exports. The country has better macroeconomic fundamentals, more stable politics and a more developed export sector.
