India is working on various free trade agreements (FTAs) to enhance export opportunities and strengthen market access for domestic industries. Recently, India resumed negotiations with the UK for an FTA. The agreement aims to benefit both countries by reducing tariffs and expanding cooperation in several sectors, including technology, healthcare, and education.
India and UK back at the negotiation table: What’s at stake in the FTA?
Union Commerce and Industry Minister Piyush Goyal highlighted India’s potential in ship-building and maritime trade during a virtual conference. He emphasized the need for more flagged vessels, improved logistics, and faster exports. Goyal called for suggestions to enhance the sector and stressed its importance to India’s economy and trade infrastructure.
India and the European Union are set to collaborate on AI, electric vehicles, semiconductors, and telecoms, emphasizing secure connectivity. They aim to harmonize EV charging standards and focus on battery recycling research, with a budget of E 60 million. High-level meetings will also address market access commitments.
External Affairs Minister S Jaishankar emphasized the need to expedite the review of the trade agreement between India and ASEAN countries. He highlighted the progress in India’s relations with these nations and identified areas like AI, semiconductors, and green energy as promising opportunities. He also stressed the importance of completing the India-Myanmar-Thailand Highway despite challenges.
India and the European Union will review their free trade deal negotiations and finalize a strategic agenda during European Commission President Ursula von der Leyen’s visit. Key topics include addressing tariffs, expanding defense cooperation, and India’s role in the Indo-Pacific while also discussing the Ukraine situation.
Moody’s Ratings reports India has lower exposure to US markets compared to other APAC nations. Sectors like food, textiles, and pharmaceuticals face risks. India and the US plan to negotiate reducing import tariffs, potentially reaching a trade deal by 2025. APAC countries are navigating an environment with US tariffs impacting key sectors.
India and the UK have resumed negotiations for a free trade agreement, aiming to double bilateral trade within a decade. Commerce Minister Piyush Goyal highlights India’s willingness to reduce tariffs and the ongoing discussions for a social security agreement. Goyal emphasizes the need for more liberal visa issuance to boost trade and investment.
S&P assessed the weighted average tariffs imposed by Asia-Pacific economies on US products, US tariffs on imports from these economies and the difference between the two. “India and Japan have more domestically oriented economies, which will provide some mitigation from tariffs,” noted S&P in the report titled ‘Asia-Pacific economies likely to be hit by US […]
India’s gold imports in February are expected to plummet by 85% from a year ago, reaching the lowest level in 20 years due to record-high gold prices. The sharp decline in demand is significant even during the wedding season, typically a peak period for gold purchases.
Indian electronics, electrical industry should up exports to $100 billion in 5-7 years: Piyush Goyal
1 year ago
Commerce and Industry Minister Piyush Goyal has urged the Indian electronics and electrical industry to target $100 billion in exports over the next 5-7 years. He emphasized the need for resilient supply chains, better quality standards, and competitive pricing to achieve this goal. The industry is encouraged to prioritize consumer interests over protectionism.